|

Crypto News

UAE Develops Carbon Credit Scheme On Venom Foundation Blockchain

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

uae

Join our growing community


UAE pledged to cut carbon emissions by 40% by 2030, up from its previous goal.

The Industrial Innovation Group and Venom Foundation are working with the UAE Ministry of Climate Change and Environment (MCCE) to build a carbon credit system.

Countries and organizations track carbon credits using blockchain. These credits can be sold or transferred securely and transparently because on-chain data is immutable.

This lets government agencies like the UAE’s MCCE sell corporate credits. Credit holders can either spend them to emit a certain quantity of carbon over time or sell and trade them to other organizations wishing to offset their emissions.

UAE leaders have announced climate change and carbon offsetting policy revisions. By 2050, carbon neutrality is desired.

According to a local news story, UAE Minister of Climate Change and Environment Mariam Al Mheiri said this has led to a good update to the country’s emissions roadmap:

“Through the third update of its second Nationally Determined Contributions, the UAE has pledged to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”

According to 2020 data, the UAE ranks sixth globally per capita despite ranking 33rd globally for total emissions.

In addition to the renewed national push to reduce carbon emissions, each of the UAE’s seven emirates has unveiled local programs to meet the “net zero by 2050” pledge, including Abu Dhabi’s comprehensive program recently approved by Crown Prince Sheikh Khaled bin Mohamed bin Zayed.